The general director of the company, Maxim Panov, reported on the difficult situation at the main coal enterprise in Vorkuta. Vorkutaugol is preparing a program to reduce production and is going to suspend the federal industry agreement and the collective agreement. This means that employees will lose a number of benefits: compensation for vacations, voluntary health insurance, travel and health resort vouchers, financial assistance and other payments, including long-service bonuses.
The reason is a sharp deterioration in market conditions, which the company felt already in the first quarter of this year. Profit was below forecasts, and planned indicators were worse than expected.
Vorkutaugol is under pressure from three factors at once. Firstly, since May, the main buyer, Severstal, has been reducing its monthly purchase volume to 180 thousand tons. The metallurgical company is refocusing on cheaper Kuzbass coals.
Secondly, supplies to Donbass enterprises have stopped. After the mothballing of coke production in the first quarter, this sales channel was actually closed. In addition, since March, shipments to the Moscow Coke and Gas Plant have been stopped, which found itself in a difficult financial situation and accumulated overdue debt.
Thirdly, exports do not save the situation. The company notes the lack of export parity due to the strengthening of the ruble. Interior the market is oversaturated with coal, prices are low and do not cover the costs of production and processing in the Far North.
As a result, Vorkutaugol will reduce the volume of preparatory work by 5.7 thousand linear meters this year. At the same time, General Director Maxim Panov warned: any speculation about the situation in the company will be regarded as hostile actions and referred to law enforcement agencies.
Coal asset in Vorkuta enters a period of austerity and forced production cuts. The loss of a key buyer and the closure of sales markets put the company on the brink of a serious crisis, which has already affected the social guarantees of workers.
Source: Vorkutaugol
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